UNL targets bonds to repay debt

Although details of the issue are yet to be released, the company says it will appeal to a variety of investors.

"The long dated debt fixed instrument will be issued under a prospectus and will appeal to both retail and institutional investors," the company says in a statement.

"Final details will be confirmed once UnitedNetworks completes consultation with the joint lead managers Westpac Institutional Bank and Deutsche Bank later this month.

UNL says the bond issue will enable it to secure long-term financing to match its asset base and reduces potential refinancing risk.

The bonds are rated "Triple A" by Moody's and Standard & Poor's and will be guaranteed by Ambac Assurance Corporation.

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